Fundamentals of Futures and Options Markets Ch 2

考研英语经济类阅读理解及原文翻译考研英语经济类阅读理解及原文翻译：OPTIONS AHOYWhy investors like Korean blue chipsDESPITE the world economic downturn, South Koreas stockmarket has this year outperformed those of all other countries bar Russia. Its composite stock price index (Kospi) has risen by more than 25% since January 1st. The rally, which has been driven by foreign buying, is expected to continue next year, for two reasons: encouraging economic fundamentals, and the introduction of derivatives so beloved of the worlds hedge funds.On January 28th next year the Korea Stock Exchange is due to introduce option contracts on the shares of seven listed companies: SK Telecom, Korea Electric Power, Korea Telecom, Samsung Electronics, Hyundai Motor, Pohang Iron Steel and Kookmin Bank. And as early as July, the Financial Supervisory Commission is expected to allow investment banks to sell over-the-counter derivatives, such as equity or interest-rate swaps. Trading volume on the exchange will increase accordingly, says Lee Wonki at Merrill Lynch. Foreigners hold nearly 90 trillion won ($70 billion) of Korean shares, 37% of the market. Their slice of the trading of Kospi 200 index futures and options rose to 10% this year, from about 5% a year ago. But the Kospi index, covering 200 companies, is not the best way to hedge foreign portfolios, which are invested mainly in the seven blue-chipshares. Yet derivatives alone will not sustain Korean equities unless the economy turns around. There are signs that it has reached bottom, with real GDP estimated to have grown by at least 2.8% this year (slower than last year but higher than earlier forecasts of 2% or less). Jin Nyum, the finance minister, predicts that, although exports may suffer next year if the Japanese yen continues to fall, domestic demand and public spending will help real GDP to grow near to the countrys full potential of 5%.Some analysts argue that the recent market rise has been caused by investors blind faith in bank and technology shares. The latter rallied last month, but then hesitated as Micron, an American memory-chip maker, blew hot and cold on taking a stake in or allying with Hynix, Koreas debt-laden maker of memory chips.Nevertheless, the rally is likely to continue, says Koh Wonjong, of SG Securities in Seoul. That is because South Koreas industries are more diversified--into information technology, cars, shipbuilding, steel and services--than those of other Asian countries. In Taiwan, telecoms, media and technology shares account for 80% of the market.The restructuring of some big companies, such as Hynix and Daewoo Motor, remains incomplete, as does bank reform. But the past four years of financial and corporate change may soon pay off. For many companies, balance-sheet problems have turned into the need to measure profits, a far more welcome task.Economist; 12/22/2001, Vol. 361 Issue 8253, p86, 1/2p, 1 graph词汇注释bar prep. 除…之外rally n. 重整;(市场价格) 回升，跌后复升;恢复健康; 振作精神;集会, 大会;汽车赛会over-the-counter【证券】 (不通过交易所)买卖双方直接交易的，场外交易的(每位买者或卖者都是经过协议与议价来达成股票的买卖)option n. 选择权, [经]买卖的特权interest-rate swap 利率掉期;利率调期won [wCn] n. [sing., pl. ]圆(南北朝鲜的货币单位)index futures 指数期货hedge n. [经]对冲blow hot and cold (on, about) 出尔反尔;三心二意; 反复无常; 拿不定主意stake [steIk] n. (木头或金属的)柱，桩;股份;利害关系have [take] a stake in sth. 与某事有利害关系，与…休戚相关debt-laden 债台高筑的pay off 还清;偿清;报复;偿还;结清工资解雇(某人);成功参考译文选择权在招手为什么投资者对韩国蓝筹股情有独钟?尽管世界经济不景气, 但今年南韩的股市行情却比除俄国以外其他国家的股市都好。

期权期货常用英语（Option futures）Abandon abandon: confirm option failureActuals in stock (LME generally uses physical)Arbitrage inter market arbitrageAssay test analysisAsk asking for priceAt-the-Money equal value: the performance price of the option is exactly the same as the current price of the current option futures contractBack pricing effective time pricing: producers usually use the LME settlement price as the benchmark and the daily settlement price is valid until noon the following day. Also known as Known the (Pricing on pricing)Backwardation spot Premium: the spot price is higher than the futures price (also known as Back). It is the reverse market and the inverted MarketBase, Metal, base metal, fund: metals other than gold, silver, and platinumBar Chart bar graphBasis: the basis of a commodity spot price and futures price differenceBasis Price basic price, exercise price: the price in which the seller and the Buyer agree and conclude the transaction in the options transaction. Also known as Price (Strike price), usually for the current market priceBear short seller, bearish: Contrary to BullBear Covering ends the short positionBear, Market, bear markets, bear markets: markets where prices have generally fallenBear Position has been selling the futures short positions: hope the future will at a lower price to buy, sell and profit is now the difference between the purchase price laterBest Orders best buy and sell order (Buying/Selling, at, Best)Bid buyer's offerBond bondBottom bottom price: the lowest price for a period of timeBorrowing borrow (Borrowing metal from the market): buy near futures at the same time, sell far futuresBreak slump, sudden rise, breakthrough: prices appear larger fluctuationsBroker brokers, brokersBull bulls, Bulls: the opposite of BearBull, Market bull markets, bull markets: markets where prices have generally risenBull Position long position: buy futures and expect to sell at a higher price later. The profit is the difference between the present and future selling pricesBusiness Day trading dayBuying Hedge (Long Hedge) buy hedgeBuy In: open, hedge, or close a short positionBuy on Close buy at close: buy at closing price at closingBuy on Opening open to buy: buy at the opening price at the openingCall Option call option, delay buying options: allow buyers to buy a specified futures contracts according to a specific power price. When the expected market value is bullish, a call option, such as a buyer's mistake, can be waived. The risk of loss is only the premium of the purchase optionCall Price call priceCanceling Order undo instruction: the instruction to cancel theprevious instructionCarrying borrows and lends: LEM refers to the borrowed loan, and it also represents a borrowing operation that causes the borrower to deposit the metal that he holds into the LEM registered warehouseCarrying Charge storage costs: the storage, payment of insurance, loss, interest, etc.Cash pays cash on hand: LEM means cash delivery for second days after the closing of the spot transaction at settlement price; other exchanges often refer to spot transactionsCashCarry borrow: futures premium, the impact on the long term premium goods often during storage, insurance, the cost of capital. When the metal is in excess, the futures premium tends to expand. As the traders buy near futures futures, the financing cost of futures is low, which makes the bank lending attractiveCash Commodity spot merchandiseCash Today next day delivery: the delivery date of the contract is the next trading dayCFTC Commodity Futures Trading Commission: futures trading is managed by the office of the commodity exchange of the Ministry of AgricultureClear, Clearance liquidation: settlement of funds for futurescontractsClearing House clearing houseClearingMember settlement member: the member company of the clearing house. The settlement member must be a member of the clearing houseClerk floor brokerage assistant: authorized to act as a floor brokerClient Contract commission contract: settlement contract between members and non settlement members, non settlement members and other tradersClient Option: the principal option options trading either Junfei trading settlement membersClose closeClosing Range closing price rangeCOMEX（纽约商品交易所）纽约商品交易所委员会佣金承诺承诺（或未结清权益）大宗商品交易中心（CEC）纽约商品交易中心：纽约商品交易所、纽约商业交易所（NYMEX）、纽约棉花交易所、咖啡糖可可交易所的所在地委员会（证监会或丝房子房子房子）经纪商行代办行升水期货升水：金属近期供货充足时，远期价高于现货价是为正向市场，顺价市场。